Here are some of the questions Sharon (my secretary) selected for me to answer.
How does one find their path? Every day I wake up and I try to envision where'd I'd like to be, and I'm finding that to be exceedingly difficult to do. I've also noticed that my ambition and unwillingness to settle has caused me to be very picky, which naturally narrows my choices down to only what I perceive as being instrumental in helping me become the best.
Most people don't really find their path per se. They just learn to enjoy the path they've taken or find a way to take a detour. Nobody wants to grow up to be a commercial paper trader, but once I got in that seat, I wanted to beat all of my competition and I learned to love that aspect of my job. If I would have started in another industry, I like to think that I would have developed a passion for whatever that industry had to offer. Would I have been as successful if I had started in another industry? Probably not. But, if my circumstances had been slightly different even at Lehman Brothers, it's doubtful I would have been as successful. To get to the upper echelons, you need to work very hard, be smart, be a leader, and be in the right place at the right time. Being good, or even great, is not enough.
The point is this: get in the game and start competing. Don't be so picky. Point in a direction and run as hard as you can towards the finish line, whatever that may be for you.
Hello Mr. Fuld,
In you post you mentioned that while you attended a non target, you got into Lehman through exceptional networking.I was wondering if you would be willing to offer any networking tips that you found to be really useful. As a non target student myself, i would like to follow in your footsteps.
Thanks,
Anonymous WSO member.
Contact people and sell yourself.
How do you sell yourself? It's a numbers game, get out there and introduce yourself to as many relevant people as humanly possible. Try to make a personal connection with them through some sort of commonality, whether alma mater, sports, intellectual interests, hometown, fraternity, love of booze, the necessity of oxygen, whatever. You have something in common with everyone on this planet. Find out what it is and make a human connection.
Once you make a connection with this person, make sure you have these answers down 100%: 1) Why you are perfect for this position. 2) Why you want this job and plan to make a career of it. 3) Your story and why it is a perfect fit for this career/industry. 4 ) Any technical related questions relevant to this position.
Be prepared to spend a lot of time making connections with people. Don't go in for the kill too early or you will fail. If you have any doubt about how well practiced you are for the most basic interview questions, practice more (a lot more). The interview starts the moment you make that first contact, even if it doesn't seem like it. Make sure you're ready and confident.
Where are interest rates headed, Dick?.
Up. Fed Funds will likely stay flat until the latter half of 2015 and should be around 2% towards the end of 2016. 30 year Treasury rates will rise gradually towards 5% and everything in between will move in between those rates. Expect a rise in rates and a flattening of the yield curve over the next 18-24 months. I don't expect a significant change in credit spreads in this time frame.
Dear Dick,
How many spankings did you give your secretaries everyday? I feel like the healthy answer is around 3 or 4, but I'm not quite sure. I don't want to undercut myself if you did more, because I want to be just like you. Also, was it acceptable to grab ass on the floor, or was it suppose to be a "behind doors" kind of thing? I tried it on the HR chick who walked me around my first day (she gave me THE look), but she said I shouldn't do that here. So I'm guessing only behind closed doors? I want to show my alpha side, but keep finding it more and more difficult due to these unspoken rules. Any help is appreciated!
Sincerely, Your #1 Fan
Patrick, time for the banhammer.
dumb.
I did have a problem when Dick Fuld was running around in-character as a Certified User making front page posts. I thought that went just a little too far.
No, sorry, I have never been certified yet. It's hard to get certified without my Lehman email address. I'm sure there's a way, but it's likely not worth the effort.
never was a Certified User, check your facts IP
I agree 100% about DF adding a little character to the forum and let's be honest here.....half of the people posting on this site are completely full of shit. The successful VP working in IB....more likely the assistant to that VP that answers his phones. The person claiming to work at that successful HF.....I swear that kid served me my drinks last night at the bar Dick Fuld? Well who knows but at least his comments are insightful, relevant and entertaining.
I've actually learned a lot on WSO about areas of finance that I don't come into contact with in my everyday job. This is what makes weeding through all the stupid posts worthwhile to me. That being said I also keep in mind that 50% of the posters on here are not what they claim.
I saw an article that you attended a party with Jim Johnson last year. Any thoughts on the prognosis for Fannie and Freddie? Do you think the GSE reform bills will have any chance of success or is this too complex of an issue for this congress to handle? Thoughts on FNMA common for a p.a. idea?
Thanks again!
I doubt anything meaningful will get done. The US government will generally move in the direction of supporting broader home ownership. As far as FNMA in your personal account.....you're on your own on that one.
Thanks - makes sense. It's such a huge undertaking and I'm not sure who this private entity is that congress is envisioning that's going to step up and front $1 trillion in capital to guarantee the loan portfolios (10% first loss to privates). If it did go through, seems more likely than not to screw up the housing market.
My favourite blog on WSO. Thank you Mr. Fuld, +1.
Btw, can you be my mentor?
This is excellent.
Your #2 fan, Flake.
Dick, for what it's worth, I think you're very welcomed addition to the website. Given the amount of pointless threads and debates that go on in this forum, I think that your value added approach is refreshing. I hope more people grow to appreciate your insight so that we can raise the ratio of valuable/useless questions/comments in your threads.
Thanks everyone (except for one of you).
Who is Sharon? Was she your secretary at Lehman as well? BTW the term secretary is passe, they are called executive assistants now, as their job descriptions have changed.
Sorry, old habits die hard. It wasn't meant to be offensive.
Real or fake, I thoroughly enjoy Dick's posts - not to mention I've actually learned a thing or two from them.
Your number #3 fan, TopCheddar
Dick,
Your thoughts on Einhorn's comments that VC/tech is in a bubble? Who is potentially vulnerable if that is the case? Personally I'm thinking SIVB could be hurt the most.
Per your response on my AMA - You should be on this site seeking advice on financial careers, not giving it. Oh King Sulton - Why are you giving others advice?
There's no need to be so upset because I have pointed out some of your failures. If you really want revenge on me, go out and prove me wrong by being successful. Throwing a bunch of electronic shit at my posts isn't going to give you the same level of satisfaction.
Leman Brothers failing is quite enough - you shouldn't be giving advice to anybody if your firm needed a bailout, and failed because of it.
Happy late birthday, bro
A ceo has time to respond to WSO at 11:30 AM? It is too funny that you said, "Prove me wrong by being successful," as you are likely some kid living in your parents basement. I have nothing to prove to you. When I am successful, I promise to buy every company you work for, and fire you.
Did you think James Woods did you justice in Too Big to Fail?
Who loves ribs more, You, or Frank Underwood?
Really you don't know? You should watch House of Cards.
What a sad bunch of losers on this site
I like DF's threads because a shit storm usually ensues.
If you had to rebrand one current BB firm with Lehman's name and take over again, who would it be and why? Bonus points if you demonstrate how keep their current C-level officers around as your monkeys.
Question 1: Why not Goldman Sachs? From what I understand you were obsessed with beating them..
Question 2: Can you put into words the feeling of watching the bank you spent your career building collapse in a span of months and, (possibly) more importantly, the feeling of losing the wealth you created over your career?
I actually think there is a nontrivial chance this is the real Dick Fuld. He answers a lot of questions with a depth of understanding that go beyond surface level, and he's got big picture sense, which you would expect of someone with his background. You'd think the real Dick Fuld would be off golfing or drinking wine in Lake Geneva, but I suppose everyone gets bored eventually. To the extent he is the real deal, we've got a pretty valuable resource here... so stop asking him about ribs.
Let's not get too carried away :) To be fair DF has clever insights, somewhat knows what he is talking about and is a brilliant troll. Keep up the good work Dickie - love seeing fools getting their panties all up in a twist because of you. You make my day more bearable on slow days. Now let's all sell in May and go away.
Oh, and I've never really given bananas before as thought it was pointless; but you've been soiled Dickie, time to fix that and give you some banana points.
Dick, you got any stock picks for us?
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